DEVELOPING: LBRY Files Appeal Against The SEC!• September 8, 2023 10:35 am • Comments
The Securities and Exchange Commission lost its very high-profile case against Ripple Labs in July.
Following this historic victory, the SEC also lost the Grayscale lawsuit—it seems to be a losing year for the SEC, and rightly so. The agency continues to overstep its boundaries and attack the crypto industry.
In March 2021 the SEC filed a lawsuit against LBRY alleging that they too sold ‘unregistered’ securities, and the project eventually lost that lawsuit to the Securities and Exchange Commission.
Now LBRY has filed an appeal in their case against the SEC—hopefully, they prevail. LBRY made the announcement and provided the corresponding court filing on Thursday.
LBRY has filed a Notice of Appeal against the SEC. pic.twitter.com/Zp9S0TP0Qw
— LBRY 🚀 (@LBRYcom) September 7, 2023
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) September 7, 2023
Blockworks provided some background context:
Initially, the SEC sought a penalty of $22 million against the company, alleging that its LBRY Credit tokens (LBC) were unregistered securities back in March 2021.
The commission, however, scaled back its demands to just over $111,000 in May of this year, citing the company’s “near-defunct” status and lack of funds, Blockworks previously reported.
The SEC also withdrew its request for disgorgement, commonly used to reclaim ill-gotten gains.
The crypto community celebrated LBRY’s appeal against the corrupt Securities and Exchange Commission and threw their support behind the innovative blockchain project.
JUST IN: #LBRY has filed a Notice of Appeal and the SEC is about to get kicked squarely in both nuts 🥜
— XRPP (@XRP_Productions) September 7, 2023
— Digital PerspectivesPermaBull🪝 (@DigPerspectives) September 7, 2023
Coin Telegraph confirmed:
The U.S. District Court for the District of New Hampshire granted the SEC’s motion for summary judgment against LBRY on Nov. 7, barring the platform from offering “unregistered crypto asset securities” and ordering it to pay a $111,614 civil penalty to the SEC.
Join the conversation!
We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.